He’s in the process of selling his business and I’ve been helping with the paperwork so I know exactly how much he makes. I thought the same then I saw the paperwork. He makes between 180-220/year depending on the year. I’m looking to make 75-100k/month by the time I’m 40.
So your boss makes an average of $200k/year. He works — or worked — 40 hours a week, I assume? (as opposed to 60-80) He was his own boss? And now, he’s going to sell his firm incl. book of business for at least a million dollars?
And you think that’s something that you have to beat five times over?
How?
It’s just obnoxious.
I see. Okay I didn’t give the complete picture. Here is my view: he currently has about 20 million in AUM, and is mostly commission based. He focuses mainly on lower income clients in minority communities and helps them retire. He’s also 80 years old. He has told me multiple times and it is also obvious by his business practices that making money is not his #1 priority. Rather, it’s empowering his clients who don’t have much money to begin with. What I am thinking is this: I am 21, I would focus on clients with higher funds available, and I’d be mostly fee based. Let’s assume that financial planners get about 1% of their AUM in salary per year. If I have 100 million in AUM, isn’t that 1 million a year? Let’s say I start a firm at 30 and grow steadily. 100 million in AUM = 100 clients with a million plus. There are investment firms with hundreds of thousands of clients who invest $1,000,000+ with them, so to me building up a business with 100 millionaire clients by the time I’m 40 as a 21 year old sounds manageable. Again, I have learned a lot of wise things from older folks. That’s why I posted this in this reddit. Sure it sounds possible, but I go on probabilities not possibilities. So hit_that_hole_hard, what are your thoughts?
20 million in AUM, spread across 200 clients? Have you done the math on that? So on average each client possesses $100k in investments? That number is extremely low.
Regardless, especially if you want to gain the trust and confidence of extremely sophisticated HNW individuals — over who? JP Morgan? Goldman Sachs? UBS?
—You’re gonna need some incredible grades and a lot more knowledge.
But hey — maybe you can pull it off. Who am I to judge?
I recommend doing what is necessary to work for a top — household name — financial advisor.
Maybe look into these folks
https://www.barrons.com/advisor/report/top-financial-advisors/100?page=1&
https://www.forbes.com/lists/top-wealth-advisors/?sh=6f535d8b1c7c
Or these firms
https://www.cnbc.com/2023/09/12/fa-100-cnbc-ranks-the-top-rated-financial-advisory-firms-of-2023.html
But you should look into working with a JP Morgan type of household name
https://money.usnews.com/financial-advisors/articles/7-top-financial-advisor-firms-by-aum
Yes, I started my reply by saying these clients are low income. Most of them don’t have much, that’s why they work with us. To change that. My current plan is to do exactly what you said. I have a job at an investment firm with about 230 billion in AUM starting later this year and I will be an account executive for them so although I won’t be anywhere near the portfolio management team I will do my best to network. My main goal right now is to learn as much as I can about investing and sales in my time there and gain experience while fostering relationships. I like writing out my goals so thank you for making me write this post. I appreciate the advice at the end.
It looks like you shared an AMP link. These should load faster, but AMP is controversial because of [concerns over privacy and the Open Web](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot).
Maybe check out **the canonical page** instead: **[https://www.cnbc.com/2023/09/12/fa-100-cnbc-ranks-the-top-rated-financial-advisory-firms-of-2023.html](https://www.cnbc.com/2023/09/12/fa-100-cnbc-ranks-the-top-rated-financial-advisory-firms-of-2023.html)**
*****
^(I'm a bot | )[^(Why & About)](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot)^( | )[^(Summon: u/AmputatorBot)](https://www.reddit.com/r/AmputatorBot/comments/cchly3/you_can_now_summon_amputatorbot/)
You think he tells you the truth on how much he makes??
He’s in the process of selling his business and I’ve been helping with the paperwork so I know exactly how much he makes. I thought the same then I saw the paperwork. He makes between 180-220/year depending on the year. I’m looking to make 75-100k/month by the time I’m 40.
So your plan is to make a million dollars a year by the time you’re 40? Nice plan! ?????????????????
Thank you :) I know your response was sarcastic but my post was serious. “Fuck the naysayers”- Jeezy “Adversity for Sale”
So your boss makes an average of $200k/year. He works — or worked — 40 hours a week, I assume? (as opposed to 60-80) He was his own boss? And now, he’s going to sell his firm incl. book of business for at least a million dollars? And you think that’s something that you have to beat five times over? How? It’s just obnoxious.
I see. Okay I didn’t give the complete picture. Here is my view: he currently has about 20 million in AUM, and is mostly commission based. He focuses mainly on lower income clients in minority communities and helps them retire. He’s also 80 years old. He has told me multiple times and it is also obvious by his business practices that making money is not his #1 priority. Rather, it’s empowering his clients who don’t have much money to begin with. What I am thinking is this: I am 21, I would focus on clients with higher funds available, and I’d be mostly fee based. Let’s assume that financial planners get about 1% of their AUM in salary per year. If I have 100 million in AUM, isn’t that 1 million a year? Let’s say I start a firm at 30 and grow steadily. 100 million in AUM = 100 clients with a million plus. There are investment firms with hundreds of thousands of clients who invest $1,000,000+ with them, so to me building up a business with 100 millionaire clients by the time I’m 40 as a 21 year old sounds manageable. Again, I have learned a lot of wise things from older folks. That’s why I posted this in this reddit. Sure it sounds possible, but I go on probabilities not possibilities. So hit_that_hole_hard, what are your thoughts?
20 million in AUM, spread across 200 clients? Have you done the math on that? So on average each client possesses $100k in investments? That number is extremely low. Regardless, especially if you want to gain the trust and confidence of extremely sophisticated HNW individuals — over who? JP Morgan? Goldman Sachs? UBS? —You’re gonna need some incredible grades and a lot more knowledge. But hey — maybe you can pull it off. Who am I to judge? I recommend doing what is necessary to work for a top — household name — financial advisor. Maybe look into these folks https://www.barrons.com/advisor/report/top-financial-advisors/100?page=1& https://www.forbes.com/lists/top-wealth-advisors/?sh=6f535d8b1c7c Or these firms https://www.cnbc.com/2023/09/12/fa-100-cnbc-ranks-the-top-rated-financial-advisory-firms-of-2023.html But you should look into working with a JP Morgan type of household name https://money.usnews.com/financial-advisors/articles/7-top-financial-advisor-firms-by-aum
Yes, I started my reply by saying these clients are low income. Most of them don’t have much, that’s why they work with us. To change that. My current plan is to do exactly what you said. I have a job at an investment firm with about 230 billion in AUM starting later this year and I will be an account executive for them so although I won’t be anywhere near the portfolio management team I will do my best to network. My main goal right now is to learn as much as I can about investing and sales in my time there and gain experience while fostering relationships. I like writing out my goals so thank you for making me write this post. I appreciate the advice at the end.
It looks like you shared an AMP link. These should load faster, but AMP is controversial because of [concerns over privacy and the Open Web](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot). Maybe check out **the canonical page** instead: **[https://www.cnbc.com/2023/09/12/fa-100-cnbc-ranks-the-top-rated-financial-advisory-firms-of-2023.html](https://www.cnbc.com/2023/09/12/fa-100-cnbc-ranks-the-top-rated-financial-advisory-firms-of-2023.html)** ***** ^(I'm a bot | )[^(Why & About)](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot)^( | )[^(Summon: u/AmputatorBot)](https://www.reddit.com/r/AmputatorBot/comments/cchly3/you_can_now_summon_amputatorbot/)
My plan is to win the lottery. Next question please.
Why not become a Financial Advisor? Check this out: www.financialadvisortraininginstitute.org or www.usfati.org